In the case of Kingsgate Property Ltd. v The Board of Education of School District No. 39 dated July 26, 2023, a significant rent dispute had arisen between the petitioners Kingsgate Property Ltd. and Beedie Development LP and the respondent, the Board of Education of School District No. 39. The dispute had centered around a commercial property lease dated 1972 used as a shopping mall. An arbitration tribunal had rendered an award in January 2022, valuing the property at $116.5 million for the five-year term from 2017 to 2022, resulting in a considerable rent increase for the petitioners. The VSB had issued a notice of default on May 17, 2023, claiming the tenant owed them over $49 million in rent, relying on the 2022 arbitration award. In response, the petitioners had sought leave to appeal the award and applied for a stay of their obligations under the award and the notice of default, pending the appeal. The court had granted leave to appeal the award and ordered the petitioners to post security for the appeal. The court had found that it had the power under the Arbitration Act to attach conditions, including a stay, upon granting leave to appeal, to prevent a potential miscarriage of justice. It had determined that the petitioners had demonstrated irreparable harm if the stay were not granted, and the balance of convenience had weighed in their favor.